You should [be sent a copy of the lease|receive a copy of the lease]

Looking forward to complete next month on a leasehold property in Stanmore. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. Are there areas in the report that I should be focusing on?

Your report on title for your leasehold conveyancing in Stanmore should include some of the following:

• Defining your legal entitlements in relation to common areas in the block.By way of example, does the lease provide for a right of way over an accessway or staircase?
• You should be told what constitutes a Nuisance in the lease
• Whether your lease has a provision for a sinking fund?
• You should have a good understanding of the insurance provisions
• Changes to the flat (alterations and additions)
• The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
• Whether the landlord has obligations to ensure rights of quiet enjoyment over your property and do you know what it means in practice?

For a comprehensive list of information to be included in your report on your leasehold property in Stanmore please ask your solicitor in advance of your conveyancing in Stanmore

I am tempted by the attractive purchase price for a two flats in Stanmore which have about 50 years left on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Stanmore is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of buyers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Stanmore conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I've recently bought a leasehold flat in Stanmore. Do I have any liability for service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Can you provide any advice for leasehold conveyancing in Stanmore from the perspective of saving time on the sale process?

• A significant proportion of the delay in leasehold conveyancing in Stanmore can be reduced if you instruct lawyers the minute you market your property and ask them to put together the leasehold information which will be required by the purchasers’ solicitors.
• A minority of Stanmore leases require Licence to Assign from the landlord. If this applies to your lease, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
• If you have had any disputes with your landlord or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than ongoing.
• If you are supposed to have a share in the freehold, you should make sure that you are holding the original share certificate. Obtaining a re-issued share certificate can be a lengthy process and slows down many a Stanmore conveyancing deal. If a reissued share certificate is required, do contact the company officers or managing agents (where relevant) for this sooner rather than later.
• You believe that you know the number of years left on your lease but it would be wise to verify this by asking your lawyers. A buyer’s lawyer will not be happy to advise their client to where the remaining number of years is below 75 years. It is therefore important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.

All being well we will complete the disposal of our £ 425000 apartment in Stanmore in just under a week. The managing agents has quoted £<Macro 'feeRangeWithVAT'> for Landlord’s certificate, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a leasehold conveyance in Stanmore?

For the majority of leasehold sales in Stanmore conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

• Completing pre-contract enquiries
• Where consent is required before sale in Stanmore
• Copies of the building insurance and schedule
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Stanmore leasehold premises is £350. For Stanmore conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are obliged to provide the information.

I am the registered owner of a first floor flat in Stanmore. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?

You certainly can. We can put you in touch with a Stanmore conveyancing firm who can help.

An example of a Lease Extension matter before the tribunal for a Stanmore flat is 27B Hillside in February 2010. the resulting premium, all other aspects of the valuation having been agreed between the parties was set at £8,250 This case was in relation to 1 flat. The unexpired lease term was 70.25 years.

Stanmore Leasehold Conveyancing - Sample of Questions you should ask before Purchasing

What is the name of the managing agents? Are there any major works in the near future that could increase the service charges?